Barclays Sees Feb Qtr Marking Bottom for Micron Technology (MU); Buy on Weakness

Barclays maintains an 'Overweight' on Micron Technology (NASDAQ: MU) price target of $11.00.

Analyst, C.J. Muse, said, "While Feb results did mark a bottom, guide for May suggests only a modest recovery with disappointment largely related to DRAM pricing and continued uncertainty as to magnitude of impact to margins from the NAND JV restructuring...Our CY12 estimates move lower to $8.4B/-$0.32 (cons $8.9B/$0.00) while recovery into CY13 maintained with $9.5B/$0.70 (cons $10.2B/$0.65)."

Muse suggests adding to positions on weakness...shares are currently down $0.32 (-3.67%) to $8.39.

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $8.71 yesterday.

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